Question

Aug.        1        Madison Harris, the owner, invested $7,500 cash and $34,500 of photography equipment in the company in exchange for common stock.
       2        The company paid $3,100 cash for an insurance policy covering the next 24 months.
       5        The company purchased office supplies for $980 cash.
       20        The company received $4,331 cash in photography fees earned.
       31        The company paid $775 cash for August utilities.

1. Post the transactions to the T-accounts.
2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

*** I wrote on the first section how the layout of the problem should be the numbers and dates are not correct. ***

Cash 231 Aug. 5 232 Aug. 2 Office Supplies 231 Aug. 2 323 Aug. 1 Aug. 5 Aug. 2 32 Balance 108 Balance 231 Prepaid Insurance Photography Equipment Balance 0 Balance Common Stock Photography Fees Earned Balance 0 Balance 0 Utilities Expense Balance

Answer 1

Cash Aug. 1 $7,500 Aug. 2 $3,100 Aug. 20 $4,331 Aug. 5 $980 office Supplies Aug. 5 $ 980 Aug. 31 $775 Balance $6,976 Balance $980 Prepaid Insurance Aug. 2 $3,100 Photography Equipment Aug. 1 $34,500 Balance $3,000 Balance $34500) common stock Aug. 1 $ 42,000 Photography fees Earned Aug.20 $4,331 Balance $ 42,000 $4,331 Balance Utilities Expense Aug. 31 $775 Balance $775 calculation: Common stock Aug. 1 z Cash & Photography Equipment - $7,500 + $34,500 D $42,000

POSE FOR Trual PICS balance August 31 Debit credit $6,976 $ goo $ 3,100 $34, soo Cash Уlie upplier Prepaid insurance Photography Equipment common stock Photography fees Earned Utilities Expense - Totals $ 42,000 $ 4,331 $775 $ 46,331 $ 46,331